TMI Blog2004 (7) TMI 25X X X X Extracts X X X X X X X X Extracts X X X X ..... ation business nor from the same business – Held that This is a case which comes within the purview of sub-section (2) of section 73 under which this speculation loss of the previous year 1996-97 could be brought forward in the year following, viz., 1997-98, and be set off against the income from any speculation business which includes the same speculation business but carried on in the year follo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the same business. The submission of learned counsel is fallacious. Inasmuch as sub-section (1) of section 73 prescribes that loss in a speculation business can be set off or adjusted against income of another speculation business in respect of the concerned previous year. There is no question of adjustment or set off of the loss of the particular previous year against an income of the same spe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e in the following assessment year. In this case, sub-section (1) of section 73 does not apply. This is a case which comes within the purview of sub-section (2) of section 73 under which this speculation loss of the previous year 1996-97 could be brought forward in the year following, viz., 1997-98, and be set off against the income from any speculation business which includes the same speculati ..... X X X X Extracts X X X X X X X X Extracts X X X X
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